4M Investment Corp. Acquires Calabasas Office Building From ValleyCrest Landscaping Cos. For $24M

An office property located at 24151 Ventura Blvd in Calabasas, CA has been sold for $24,000,000. The property spans 76,496 square feet and was sold at a price of approximately $314 per square foot. The transaction took place on September 3, 2019.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $24,000,000

The buyer of the property is 4M Investment Corp., while the seller is ValleyCrest Landscaping Cos. The brokers involved in the deal are Mike Tingus, Grant Fulkerson, and Jonathan Bruce from Leela North Ventura Brokers.

The property was previously owned by an entity of Valley Crest Landscaping Cos. and was leased back to Brightview, a company formed by the merger of ValleyCrest with Brickman Group. The lease is set to expire at the end of the year, and the new owner plans to convert the property into a multi-tenant building. It is worth noting that the purchase price of approximately $314 per square foot is believed to be the highest price paid for a soon-to-be-vacant building.